Kathmandu, June 14: A meeting of the World Bank Group’s International Development Association (IDA) is taking place in the federal capital, Kathmandu, from June 18 to 21. The meeting is dubbed as IDA-21 K.
Addressing a news conference organized at the Ministry of Finance today to disseminate information about the meeting, Finance Secretary Madhu Kumar Marasini said the IDA-21 meeting shall determine the guiding direction as to the kind of policy to be adopted for resource mobilization. He expressed the belief that Nepal will also gain diplomatic benefit from the event.
According to the Finance Secretary, this meeting will make important decision regarding resource mobilization of IDA in a worldwide manner.
World Bank Country Director for Maldives, Nepal and Sri Lanka Faris Hadad-Zervos informed that IDA is providing financial resources for the sustainable and inclusive development of Nepal. He said that IDA is a transparent and accountable platform capable of achieving results.
“During the IDA-21 meeting, donors and borrowers will sit together to discuss and prepare future strategies to collect and renew resources to be used to meet global development goals,” said Zervos, “IDA is the world’s largest source of concessional financial assistance. ”
IDA has been working for financial assistance and various institutional reforms in Nepal in the fields of education, health, drinking water, sanitation, agriculture, infrastructure, etc.
Mr. Krishna Nepal, Head of the International Financial Aid Coordination Division under the Ministry of Finance, said that since IDA is one of the largest development partner organizations in Nepal, this meeting will be important to set the direction for Nepal’s interests, including climate finance.
Prime Minister Pushpa Kamal Dahal ‘Prachanda’ will inaugurate the meeting to be held in Kathmandu. More than 200 people from 70 countries are participating in the meeting. For the management of the meeting, an organizing committee has been formed under the leadership of Finance Secretary Marasini and a management and coordination committee has been formed under the coordination of the Joint Secretary Nepal, the head of the international financial assistance coordination division of the ministry.
World Bank President Ajay Banga and other high-ranking officials are participating in the IDA meeting, which is an international alliance of development partners. IDA, established in 1960, is an agency that provides multilateral assistance to countries lagging behind in economic development in addition to concessional loans and grants from the World Bank.
IDA has been providing aid to more than 75 low- and middle-income countries. IDA international level meeting have been held every three years. This time, the main agenda of the meeting has been decided on how to further support the economic development of developing countries like Nepal. #nepal #IDA #worldbank
